Ferrari NV's stock fell significantly after the company introduced the Luce, its inaugural all-electric vehicle, in Rome. The decline was influenced by disappointing online reviews and concerns that the Luce's distinct design might alienate existing customers.
Evercore ISI analyst Michael Binetti noted that while initial reactions were negative, the Luce could appeal to new clients outside Ferrari's traditional customer base, which may not be reflected in current online discussions. He maintains an outperform rating with a target price of $475, indicating a potential 36% upside.
Bernstein analyst Stephen Reitman echoed this sentiment, suggesting that the launch could stimulate demand for luxury electric vehicles, despite current low interest in the segment. Bernstein also rates Ferrari as outperform, with a 12-month price target of $402, reflecting a 15% upside. Overall, 11 out of 13 analysts recommend buying Ferrari stock, despite a 13% decline over the past three months